GM. has a management contract with its newly hired president. The contract requires a lump-sum payment of $25 million be paid to the president upon the completion of her first ten years of service. The company just deposited $2,500,000 into an account today for this purpose and they want to set aside an equal amount of funds at the end of each of the next 10 years so that exactly 10 years from today they will have a total of $25 million in the account to pay the lump sum award. Assuming that the company can earn 6.5% p.a. on these funds, how much must the company set aside each year for this purpose?

please show calculation